The selling pressure in UnitedHealth, $UNH, is almost unprecedented:
For the first time since 1998, a Dow 30 stock is down over -55% in 1 month.
The last time it happened?
Also $UNH in 1998, when the stock fell -55% in one month.
Not even 2008 or 2020 saw a Dow 30 component fall over -55% in a single month.
As a result, the daily RSI in $UNH just fell to 11 for the first time since 1998.
In other words, the daily RSI is now suggesting the stock is at its most oversold level in 27 years.
What will it take for a bottom?
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